Following the release, Quest will hold an analyst conference call at
10 a.m. (EDT) on October 24, 2013, to be hosted by Quest's management
team. Quest cordially invites all interested parties to participate
in the call.

Conference call details:

Date: Thursday, October 24, 2013

Time: 10:00 a.m. ET

Participant dial-in number(s): 416-340-2216 Toronto and International
/ 866-226-1792 North American Toll Free

A live webcast of the call can be accessed through Quest's website at
www.questrareminerals.com. An archive of the webcast will be
available after the call.

If you are unable to participate in the conference call, a replay
will be available by dialing 905-694-9451 Toronto and International /
800-408-3053 North American Toll Free and entering passcode 7837375.
The replay will be available until October 31, 2013 at 10:00 a.m. An
audio recording will be available on the Company's website within 24
hours of the completion of the call.

About Quest Rare Minerals

Quest Rare Minerals Ltd. ("Quest") is a Canadian-based exploration
company focused on the identification and discovery of new and
significant Rare Earth deposit opportunities. Quest is publicly
listed on the TSX and NYSE MKT as "QRM" and is led by a
highly-respected management and technical team with a proven
mine-finding track record. Quest is currently advancing several
high-potential projects in Canada's premier exploration areas: the
Strange Lake and the Misery Lake areas of northeastern Quebec.
Quest's 2009 exploration led to the discovery of a significant new
Rare Earth metal deposit, the B-Zone, on its Strange Lake property in
northeastern Quebec. Quest has filed a National Instrument 43-101
Indicated and Inferred Resource Estimate on the B-Zone deposit and
has completed a Preliminary Economic Assessment (PEA) for the
deposit. In addition, Quest announced the discovery of an important
new area of REE mineralization on its Misery Lake project,
approximately 120 km south of the Strange Lake project. Quest
continues to pursue high-value project opportunities throughout North
America.

Forward-Looking Statements

This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements" within
the meaning of applicable Canadian and U.S. securities legislation.
Forward-looking information and statements may include, among others,
statements regarding the future plans, costs, objectives or
performance of Quest, or the assumptions underlying any of the
foregoing. In this news release, words such as "may", "would",
"could", "will", "likely", "believe", "expect", "anticipate",
"intend", "plan", "estimate" and similar words and the negative form
thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any
events anticipated by the forward-looking information will transpire
or occur, or if any of them do so, what benefits Quest will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Quest's control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Risk Factors" in Quest's annual information form dated January 25,
2013, and under the heading "Risk Factors" in Quest's Management's
Discussion and Analysis for the fiscal year ended October 31, 2012,
both of which are available on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
Quest does not intend, nor does Quest undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.